National house prices show significant growth over decade, latest data confirms

No regions of NSW, Victoria, Tasmania, Northern Territory or ACT recorded a decline in values over the past decade, while most regions in Western Australia recorded a decline and a handful of places in South Australia and Queensland did too.

NSW was home to the top four fastest growing regions, with the top being in Sydney’s South West which grew by 111.2 per cent, followed by Parramatta with growth of 107.4 per cent.

In fact, NSW was home to eight of the top 10 regions, with only two Melbourne regions making the top 10 list with growth of 102 per cent for both.

Research analysts for CoreLogic Cameron Kusher said that NSW and Victoria had recorded substantially stronger growth than the rest of the country.

“In fact, the regions of NSW (Riverina) and Victoria (North West) that recorded the weakest conditions over the decade have seen value growth well in excess of the best performing Western Australia region (Perth-North West),” he said.

Illawarra in NSW recorded the greatest increase in house values of all regional markets with an 86.8 per cent increase, followed by Geelong in Victoria with 76.9 per cent and Southern Highlands Shoalhaven in NSW with 77.9 per cent.

The top performing regions in the other states were South East Tasmania with 43.9 per cent, Outback, NT with 35.2 per cent, ACT with 30.3 per cent, Brisbane-South with 30.2 per cent, Adelaide-West with 20.3 per cent and Perth-North West with 2.2 per cent.

Unit values across the country had also increased nationally by 34.2 per cent, like houses in the cities grew by 42.0 per cent which was significantly higher than the regions which had growth of 0.4 of a percentage point.

South West Sydney was the top region again with growth of 98.0 per cent while Sydney and surrounds dominated the top 10 list.

The greatest increases outside of NSW were in South East Tasmania at 63.3 per cent; Melbourne’s outer east at 63.1 per cent; Western Australia’s wheat belt with 54.9 per cent; Outback Queensland with 28.7 per cent; Outback NT with 28.7 per cent; Outback South Australia at 26.1 per cent and ACT at 11.6 per cent.

Mr Kusher said, though, that the decade of strong growth, particularly for houses, would not be replicated and that it is the regional areas’ turn to grow.

“While the last 10 years is not predictive of the future, dwelling values are already falling in Sydney and Melbourne and regional markets are currently outperforming capital cities.”